The increasing acceptance of RFID tags in the aerospace industry along with other vertical industries. The integration of cloud and sensor-based capabilities in RFID tags are anticipated to exhibit further lucrative expansion prospects to the market players.
The worldwide market for RFID tags is foreseen to register a remarkable 10% CAGR for the duration of the forecast. The market is estimated to be accounting for close to US$ 8,437 Million by 2015 end escalating from an evaluation of higher than US$ 3,992 Million during 2017.
Organizations all over the world are concentrating on incorporating RFID with IoT for recognizing an object along with its real-time location for the ease of its consumers. This is likely to prompt the increasing need for RFID tracking solutions for big data and loT platforms by organizations providing such technologies all over the world, for the most part in emerged regions. Emerging regions, for example, China and India are possibly going to foresee an expansion again with overwhelming investments from non-government and government investments. Another aspect which is likely to drive the development of the RIFD tags market here is the expanding number of big data and IoT organizations worldwide. In North America municipal solid waste management organizations are continuously buying RFID labels. The expanding requirement for RFID labels in the U.S. is additionally determined by the increasing utilization in the healthcare industry, in which, the attention on RFID technology for classification and tracking of medical instruments is increasing and subsequently, backing the development of the market in the region.
The working type of RFID tags is broadly categorized into active and passive RIFD tags. In which, the frequency band is categorized into ultra high frequency, microwave frequency, high frequency, and low frequency. Owing to the benefits offered, RIFD tags are employed in various applications such as healthcare & medical, retail & consumer goods, logistic & transportation, government, automotive, agriculture, farming & livestock, aerospace & defense, and others.
The logistics and transportation category rose as the foremost application area for RFID tags all through 2017. It is additionally anticipated that would keep up the dominance over the market in the years to come. The utilization of RFID labels is expanding widely in this area owing to counterfeit and stealing concerned issues and furthermore to track real-time shipments. Healthcare and aerospace industries will offer lucrative opportunities with developing reception. The quantity of RFID tag applications is expanding within retail stores which thusly are driving the development of the RFID tags market. At present, numerous retail sectors, for example, apparel, are utilizing RFID tags for augmenting stock accessibility and improve the customer experience alongside it.
The foremost market players functioning in the global market are Zebra Technologies Corp., GAO RFID Inc., Omni-Id, Inc., Alien Technology, Impinj, inc., Honeywell International, Confidex Ltd, NXP Semiconductors, Invengo Information Technology, SMARTRAC N.V., HID Global Corporation and others.